International luxury watches and accessories player Egana Goldpfeil plans to invest Rs 100 crore through its joint venture with the Mumbai-based Rose Group in the Indian market to expand its retail outlets this fiscal.
The joint venture Egana India plans to set up 10 more outlets of its 'Watches and More' retail chain in metros and will be focusing on big cities for the time being.
"We are planning to invest Rs 100 crore for opening 10 'Watches and More' outlets, besides increasing our fixtures and merchandise," Egana India Country Head Vishal Gurtu told PTI.
He said the investment would come from the firm's internal accruals.
Egana India has currently 15 stores spread across Mumbai, Delhi NCR, Kolkata and Bangalore.
It retails watches, jewellery, sunglass, cuff-links and writing instruments from two dozen-odd foreign premium brands, including Cerruti, Pierre Cardine, Esprit, Festina and Petals.
"We would continue to keep our focus on the metros and Tier I cities. We are looking at venturing into Hyderabad and setting up more stores in Mumbai, Delhi and Kolkata," he said.
Asked about the impact of slowdown, Gurtu said: "In the last couple of months, there has been a slight decline in footfalls. However, we basically cater to the high fashion and luxury segments which is overall faring better."
He added that talks are on with another three-four global watch makers for franchise agreements, but declined to divulge details.
